Nextech3D.ai CEO Evan Gappelberg has announced the company's preliminary unaudited financial and operational results for the second quarter of 2024, ending on June 30, 2024. The reports indicate a notable revenue increase to $1.2 million, compared to $1 million in the first quarter of 2024.
Gappelberg emphasized the company's significant operational leverage, highlighting an impressive gross profit margin of 70% in Q2. This is a substantial rise from the 50% margin in Q1 and a 30% margin for the entire year of 2023. The CEO attributes this growth to a strategic shift towards the Indian market in Q4 2023 and advancements in its AI technology. These initiatives are expected to further enhance the company's gross margin, potentially reaching 80% in 2024.
In addition to the financial gains, Gappelberg revealed that Nextech3D.ai has recently achieved certification as a 3D modeling partner for Amazon, the world's largest e-commerce platform. This partnership is anticipated to open new avenues for growth, as data from Amazon suggests that listings featuring 3D models experience a twofold increase in purchase conversions on average. Nextech3D.ai is poised to capitalize on this opportunity, expecting substantial new business prospects.
